Core Viewpoint - The newly established fund, Dachen Xingyuan Qihang, managed by veteran fund manager Xu Yan, has faced criticism for its near-zero operation strategy amidst a rising market, leading to questions about its investment approach and performance [1][2][3]. Fund Performance and Strategy - Since its inception in March, Dachen Xingyuan Qihang has maintained a net value close to its face value, with a stock allocation of only 0.73% and cash making up 84.95% of its net value as of June 30 [2][3]. - Xu Yan acknowledged in the fund's mid-year report that the current market environment has changed significantly, necessitating a more cautious investment approach [1][4]. - As of September 11, the fund's A-class share net value reached 1.0035, marking a new high since its establishment, despite the fund's minimal stock holdings [1][3]. Market Context - The Shanghai Composite Index reached a new high of 3892.74 points on September 12, with many newly launched funds quickly building positions and achieving significant returns [1][2]. - In contrast, Dachen Xingyuan Qihang's lack of aggressive investment has led to investor frustration, especially as other funds have capitalized on the market rally [2][3]. Manager Background - Xu Yan, a seasoned fund manager with a history at Dachen Fund, has emphasized his focus on absolute returns rather than relative performance, managing a total fund size of 19.367 billion yuan as of the second quarter [5]. - His management style is characterized by low turnover rates and a focus on long-term value, with several of his funds achieving over 100% returns since he took over [5].

继贾成东3个月亏损10%之后，大成基金价值派领军人物徐彦，因其新发产品大成兴远启航混合A近乎"零操作"的运作方式，遭遇投资者质疑引发投资人关 注。天天基金数据显示，截止8月19日，徐彦管理的大成兴远启航混合基金目前净值尚不足1，成立半年依然在水下，最新净值0.9994（A类份额）、 0.9968（C类份额）。 公开资料显示，该基金成立于2025年3月11日，初始募集规模为7.57亿元半年时间过去了，规模缩水至6.27亿，缩水比例达17%。值得注意的是，基金净值 始终徘徊于1元面值附近，规模下降的主因可能并非投资亏损，而是投资者因产品长期无收益选择主动赎回。 在东方财富网平台，基民也是骂声一片，正所谓"我在大成兴远启航躲牛市"。而引起基民不满的核心在于，尽管市场自年初以来走出了一段强势行情，徐 彦管理的这只新基金却几乎完全踏空。有基民表示：踏空了，5个月了，咋都不见动静，这么好行情，手续费都还亏。 | 6 | 0 | S大成兴远启航混合AS越来越垃圾 | 基民r5Z1C7 | 08-18 19:42 | | --- | --- | --- | --- | --- | | 26 | 0 | 是不是要离职的节奏 | ...

Group 1 - The core viewpoint of the article highlights the significant changes in fund manager Xu Yan's portfolio and performance amid a challenging market environment, with a focus on balancing short-term gains and long-term value [1][6][9] - As of the end of Q2, Xu Yan managed eight funds with a total scale of 19.367 billion yuan, an increase of 2.046 billion yuan from the previous quarter [1] - The representative product, Dachen Competitive Advantage A, demonstrated strong performance with a year-to-date increase of 12.18%, significantly outperforming its benchmarks [2] Group 2 - Xu Yan's portfolio saw notable changes in Q2, with new additions including Prologis, Meituan-W, and YTO Express, while Alibaba-W and Huayu Automotive were removed from the core holdings [4] - The report indicates that Xu Yan faced operational challenges, achieving only modest positive returns and underperforming peers for the second consecutive quarter [6][9] - Xu Yan emphasized the shift in market dynamics compared to 2020, noting that the current environment presents greater difficulties in managing fund size and maintaining performance [8][9]